FORT WORTH (WBAP/KLIF)- AllianceTexas, the 27,000-acre master-planned, mixed-use community in north Fort Worth, continues to be one of the state’s most formidable economic engines with approximately $91.98 billion generated in regional economic impact and over $2.82 billion in total taxes paid to local public entities during the past three decades. According to its annual Insight Research Corporation report, more than $8.24 billion of the development’s economic impact was generated in 2020 alone, exceeding the economic impact generated in 2019 by nearly $1 billion – a remarkable business success story set against the backdrop of a global pandemic.
The report covers three complete decades of development (1990-2020) and takes into consideration the significant transportation investment currently underway in the AllianceTexas corridor with the construction of the Alliance Connector project (completion of I-35W from US 287 to Eagle Parkway; SH 170 from Parrish Road to I-35W; and Haslet Parkway extension). Construction on the project kicked-off in summer 2020 and will be a three-year, simultaneous effort to complete stretches of three separate highway arterials, creating seamless highway mobility throughout the area. A testament to the public-private partnerships central to the AllianceTexas story, of the $768 million bid, only $25 million was paid by the Texas Department of Transportation (TxDOT). The remainder, over $743 million, came from private investment.
Significant milestones in 2020 were also attributed to exponential growth in the e-commerce sector, a cornerstone of the AllianceTexas industrial complex, as well as the continued expansion of the AllianceTexas Mobility Innovation Zone (MIZ). Launched recently as a first of its kind “do tank,” the MIZ has been developed to lead the nation in the deployment and commercialization of next generation mobility platforms for partner companies. Expanding on Alliance Airport’s legacy as the world’s first industrial airport, in 2020 Hillwood established the AllianceTexas Flight Test Center, which recently hosted North Texas’ first unmanned aircraft system (UAS) delivery demonstration to a residential community with the Bell Autonomous Pod Transport (APT). TuSimple, a global technology company with a focus on self-driving, heavy-duty trucks, also launched expanded autonomous trucking operations from the MIZ last year with a Hillwood-developed freight terminal.
“While 2020 will certainly be remembered as one of the most challenging years ever for business, the three decades of partnership and collaboration between the private and public sectors has resulted in remarkably diverse economic success story,” said Mike Berry, president of Hillwood. “We’ve continued to focus on sound development fundamentals, while embracing new and innovative technologies that drive efficiency for our customers. Though we all have experienced significant difficulties during the past year, AllianceTexas continues to prove its sustainability as an economic engine for the state of Texas and a place where business can thrive during the toughest of circumstances.”
Since its inception in 1989, more than 53 million square feet of assorted commercial real estate asset classes have been developed at AllianceTexas. The expansive development is home to more than 530 companies directly employing 63,000 people and has transformed the North Texas economy by connecting the region to global industry. Widely considered one of the most successful public-private partnership endeavors in the country, total investment at AllianceTexas surpassed $11.9 billion in 2020, with a staggering $10.9 billion coming from the private sector. Public investment totaling more than $955 million has been invested in the project to date, representing a 12-to-1 private-to-public-dollar investment multiple.
Geographically encompassing seven municipalities, four independent school districts and two counties, AllianceTexas has exponentially increased tax revenue for the public entities within the project. Since 1990, more than $2.82 billion has been paid in property taxes cumulatively to the Cities of Fort Worth, Haslet, Northlake, Roanoke and Westlake; Tarrant and Denton Counties; and Northwest, Keller, and Argyle Independent School Districts (City of Denton, Denton ISD and Corral City were not included in the 2020 report, as development is still forthcoming). In 2020 alone, the project contributed nearly $273.6 million in property taxes to these local entities.
In addition to its industrial and office core, AllianceTexas also features an array of shopping, dining, medical, recreational and entertainment options seamlessly integrated into its diverse and highly-sought-after residential options. With a variety of single-family homes, townhome and multifamily units, Alliance Town Center remains the leading regional retail and entertainment destination for the entire north Fort Worth region. In 2020, AllianceTexas announced the addition of Firebirds Wood Fired Grill and DFW-area favorite, Truck Yard, adding to the growing list of experiential dining and entertainment options in far north Fort Worth.
You can check out the full report here
